Search found 40 matches

by ps2me11
Sun Jun 25, 2023 8:01 am
Forum: Personal Finance (Not Investing)
Topic: Don’t want to be house poor
Replies: 27
Views: 3692

Re: Don’t want to be house poor

These are recent salary increase in last 5 year and SO started working in last 5 years. Home buying advice, Fairfield county, CT region. I lost 3 times in last 2 months in bidding wars even after going above the asking price by 80-150K. Frustrated and seeking advice what options I have. Very low inventory. Total income: 200k + 215k = 415K + bonus Total taxable saving( stocks+ FI+ cash) = 900k Two kids : 11 and 5. Monthly expense: 8K + rent 2.5K Maxing 401k: balance : 400K Space crunch- Rental house is 2 BR condo for family of 4. Also, school district is not that great. I have put 3 offers property ranging from 1M -1.3M but failed. I am not sure if I should go for 1.5M property so that it might have less competition and put 650K downpayment ...
by ps2me11
Fri Jun 23, 2023 9:25 pm
Forum: Personal Finance (Not Investing)
Topic: Don’t want to be house poor
Replies: 27
Views: 3692

Re: Don’t want to be house poor

They go for easily 6-7K
Beensabu wrote: Fri Jun 23, 2023 8:48 pm How much are 3 BR rentals in a better school district going for?
by ps2me11
Fri Jun 23, 2023 9:24 pm
Forum: Personal Finance (Not Investing)
Topic: Don’t want to be house poor
Replies: 27
Views: 3692

Re: Don’t want to be house poor

Thanks for your positive and motivating responses. I don’t have any fixed date in mind but planning to move before September so that kids can start middle school and elementary from day 1. I want to wait and don’t want to participate in this over paying market but at the same time we don’t know when this situation will be normal. At the same time I want my older kid to enjoy bigger house/ single family house before going to college for longer time. Because of the limited inventory there are not much option which we like. Looks like what we like everyone also like and we end up in bidding war every time 😀. Thanks! Will be patient and see how the market moves. I lost 3 times in last 2 months in bidding wars even after going above the asking p...
by ps2me11
Fri Jun 23, 2023 7:23 pm
Forum: Personal Finance (Not Investing)
Topic: Don’t want to be house poor
Replies: 27
Views: 3692

Re: Don’t want to be house poor

Rental house is 2 BR condo for family of 4. Also, school district is not that great.
by ps2me11
Fri Jun 23, 2023 6:38 pm
Forum: Personal Finance (Not Investing)
Topic: Don’t want to be house poor
Replies: 27
Views: 3692

Don’t want to be house poor

Home buying advice, Fairfield county, CT region. I lost 3 times in last 2 months in bidding wars even after going above the asking price by 80-150K. Frustrated and seeking advice what options I have. Very low inventory. Total income: 200k + 215k = 415K + bonus Total taxable saving( stocks+ FI+ cash) = 900k Two kids : 11 and 5. Monthly expense: 8K + rent 2.5K Maxing 401k: balance : 400K Space crunch- Rental house is 2 BR condo for family of 4. Also, school district is not that great. I have put 3 offers property ranging from 1M -1.3M but failed. I am not sure if I should go for 1.5M property so that it might have less competition and put 650K downpayment to keep our monthly payment in below 6K in case one of us loses job we are able to susta...
by ps2me11
Thu Jun 08, 2023 6:32 pm
Forum: Personal Finance (Not Investing)
Topic: Save cash for emergency fund or use as downpayment and HELOC for EF
Replies: 6
Views: 575

Save cash for emergency fund or use as downpayment and HELOC for EF

I am planning to buy a single family home as my primary home around 1.2 million.

Age: 40 both
Annual comp: 215K + 200K base + 120-140K variable.
Kids age: 11 and 5

Total saving in stock + cash = 150K + 700K = 850 K
401K approx 400K

I am planning to use 600-700K cash from my savings. ( stock and cash) as a downpayment at house and remaining amount as mortgage for 15 years around 6% interest rate.

For Emergency fund in case of job loss, I am planning to open HELOC.

Our monthly saving is around 5K and variable saved around 75K-80K. So by Q1 2024 I should additional 90k-100k in saving.

Please advice HELOC is good idea for EF in my case.
by ps2me11
Sun Jun 04, 2023 11:10 pm
Forum: Personal Finance (Not Investing)
Topic: Put offer with escalation clause or not
Replies: 11
Views: 1736

Re: Put offer with escalation clause or not

My agent tried reaching seller agent almost 10 times over phone and text message and finally after 24 hrs seller agent broke the news that they went with other higher offer. Not sure. Should we included date time in the offer in case of best offer time also? Are the sellers agent bound to respond by specific time to buyer brokers? I just want myself to be prepared for next offer. Over the years I bought and sold more than a half dozen homes in the SF Bay area both in buyer's markets and seller's markets. Cannot emphasize the importance of an excellent realtor. When buying, in addition to getting you the best price, it is their job to sell you as the best buyer. for the property. It is also important to have a realtor with experience who als...
by ps2me11
Sun Jun 04, 2023 8:37 pm
Forum: Personal Finance (Not Investing)
Topic: Put offer with escalation clause or not
Replies: 11
Views: 1736

Put offer with escalation clause or not

Hi Guys, I lost two battles in this bidding war in last two weeks after offering almost 10% to 15% over asking prices ( waving inspections + 30% down). Both time I had the escalation clauses.first deal I lost against the cash offer so can’t complaint. Second time I felt the seller agent sat on my offer for quite a long time before disclosing that we lost against another strong offer and didn’t even try to have negotiation. I just want to make sure is escalation clause can give advantage to seller to negotiate better with other competing offer or it’s just my luck this time. Want to be prepared for my next battle. Please advice first time home buyer also looks like my real estate agent deals more with small properties and our transaction ove...
by ps2me11
Tue May 09, 2023 1:23 pm
Forum: Personal Finance (Not Investing)
Topic: No SAT required in college
Replies: 61
Views: 5531

Re: No SAT required in college

Thank you all this is really helpful. As I mentioned this is quite new for me..coming from a country where level of college admission test is so high that 60-65% accuracy will take you to 100 percentile. But US college systems review the overall portfolio of the student which is kind of right way. Many of you mentioned that good schooling district plays important role if the student applies to college where SAT is option or SAT blind. I live in the schooling system where the rating of high school is 3/10 and average SAT score is around 1000 and average graduation rate is quite low. Neighboring towns/ cities with top high school rating but the property price is sky rocket. I am evaluating to stick to middle school (public)+ HS ( private with...
by ps2me11
Tue May 09, 2023 10:22 am
Forum: Personal Finance (Not Investing)
Topic: No SAT required in college
Replies: 61
Views: 5531

No SAT required in college

Hello all,

I am new to US academic system. Preparing for future high school kid. I got information that in many top colleges SAT is no more required. All depends on students school GPA and other extra curricular activities. In this scenario does private schools have any advantage over public schools.

Please share your thoughts.

Thanks
by ps2me11
Mon Mar 13, 2023 3:06 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Eligibility
Replies: 3
Views: 321

HSA Eligibility

Hello All, I have medical insurance from my employer which has 0 deductible. I assume that I am not eligible for HSA as you need HIgh deductible plan to be enrolled in. But my Tax provider said that there is some change in consolidation appropriation act 2022 which allows me to contribute to HSA account. Please advise. What's New Telehealth and other remote care extended. The Consolidated Appropriations Act 2022 extends the availability of telehealth and other remote care for HAs. In the case of months beginning after March 31, 2022, and before January 1, 2023: 1. An eligible individual may have separate coverage for telehealth and other remote care in addition to a high deductible health plan. 2. A high deductible health plan may have no d...
by ps2me11
Fri Feb 03, 2023 6:29 pm
Forum: Personal Finance (Not Investing)
Topic: How to shop for Jumbo loan
Replies: 3
Views: 515

Re: Mortgage professor

:D
CAsage wrote: Fri Feb 03, 2023 6:24 pm Retitle your query "how to shop for jumbo mortage" you will get better results.
by ps2me11
Fri Feb 03, 2023 6:21 pm
Forum: Personal Finance (Not Investing)
Topic: How to shop for Jumbo loan
Replies: 3
Views: 515

How to shop for Jumbo loan

I was able to able to look for current mortgage rate using mortgage professor but unable to pull any rates for jumbo loans. Is there any faster way to check the current rates without hitting your credit check. I am in market but not sure will be able to close anything before summer. What’s the best way to approach?
by ps2me11
Fri Feb 03, 2023 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: Buying under construction property/ Construction loan
Replies: 6
Views: 797

Re: Buying under construction property/ Construction loan

Thanks guys! It’s too much work looks like. We were not able to move forward. Thaks
by ps2me11
Wed Jan 04, 2023 8:22 pm
Forum: Personal Finance (Not Investing)
Topic: Buying under construction property/ Construction loan
Replies: 6
Views: 797

Buying under construction property/ Construction loan

Hi All,

I am looking for advise to buy a under construction property ( old home) for $750K.

Current household income annually : $200k+$200k = $400K

Personal saving : $500K

Equity in present home / condo: $200K

Expected bonus in next month :$75K

As this is under construction, seller is accepting cash only offers. Please advise if I can get the construction loan to constructs the house and how easy is to get the construction link loan if I buy this cash down by exhausting all my savings.

Edit: No major expense like adding car, college funding in next 5 years.

Average monthly expense: $7500 + home mortgage.

Thanks
by ps2me11
Wed Nov 30, 2022 8:32 pm
Forum: Personal Investments
Topic: Lump sum 401k beginning of year 2022 by mistake
Replies: 7
Views: 719

Lump sum 401k beginning of year 2022 by mistake

Hello friends, beginning of 2022 by mistake ( based on my % selection) my 401k contribution got deducted in lump sum from my bonus paycheck. Every year I change this percentage to avoid deduction from bonus paycheck so that it can equally deduct monthly. My retirement is not there in next 20 year so I should be fine with missing dollar cost averaging for this year but I wanted to check with experts here should I continue equal monthly payments in 2023 or make some lump sum to average out 2022 buying. Please suggest. Thanks
by ps2me11
Mon Aug 08, 2022 10:19 pm
Forum: Personal Finance (Not Investing)
Topic: Auto loan and mortgage question
Replies: 2
Views: 387

Auto loan and mortgage question

Hello All, I have to buy a high value car and a house in next year. I was planning to finance the car on my name ( his) and then later mortgage of the house on both of our name( his & her).

How the eligibility will be calculated in this case? Is it better idea to have car and house on both of our names or it will not make any major issue/ benefit? Obviously I have to keep in my credit which is 800+ right now but later after car purachse can come 20-30 points. Please advise.
by ps2me11
Tue Jul 19, 2022 1:57 pm
Forum: Personal Investments
Topic: investing 250k for home buying in next 6 months
Replies: 3
Views: 547

investing 250k for home buying in next 6 months

Hello all, I am planning to delay my home purchase for another 6 months considering the risk of recession and low inventory with interest. I am planning to park my down payment amount of 250k somewhere which can earn some interest time being. I found sallie Mae has 2.2%/14 month CD without any penalty available. Can you suggest any better option than 2.2% CD. Thanks in advance.
by ps2me11
Thu Jul 07, 2022 10:50 am
Forum: Personal Investments
Topic: HM Bradley - is it safe - FDIC response
Replies: 473
Views: 61673

Re: HM Bradley - is it safe - FDIC response

I am not able to login to my HMBradley account for more than a month now. ReInstalled app, tried desktop same error “invalid fields” which is different from “invalid login” when you provide incorrect login info. There is no response on email. I don’t have any phone number to contact. At this point I am planning to withdraw all my money from it. Any ideas?
by ps2me11
Sun Oct 10, 2021 10:50 pm
Forum: Personal Consumer Issues
Topic: Spirit airline: Solo travel from NY to west coast
Replies: 33
Views: 3038

Spirit airline: Solo travel from NY to west coast

With so much going in flying world, I am bit concerned should I book my travel with Spirit airline which saves atleast $300 for me. I am single traveler so not much worried about the comfort in flight but concerned about travel cancelation or delay. Never experienced with spirit before. What do you think? Thanks in advance.
by ps2me11
Thu Sep 23, 2021 10:01 pm
Forum: Personal Investments
Topic: How much 401k at age 38
Replies: 23
Views: 5318

Re: How much 401k at age 38

Thanks for the wonderful replies! I was just curious where I stand in terms of 401k so that I can plan my post- tax saving accordingly. Looks like I need to do some calculation of my own. Thanks!!
by ps2me11
Thu Sep 23, 2021 7:46 pm
Forum: Personal Investments
Topic: How much 401k at age 38
Replies: 23
Views: 5318

How much 401k at age 38

We started quite late contributing to 401k. How much a couple should have at the age of 38. Say 99 percentile.
Average monthly expense currently around 8k in CT which will not go down as we haven’t started home mortgage yet.
Apologize if there’s already a calculator available.
by ps2me11
Fri Jun 18, 2021 12:17 am
Forum: Personal Investments
Topic: How Am I Doing? 39 year old asking for a checkup
Replies: 19
Views: 4188

Re: How Am I Doing? 39 year old asking for a checkup

Flannelbeard wrote: Thu Jun 17, 2021 5:21 pm You are in the top 8% of net worth compared amongst all US households. You're doing better than fine.
Is there any reference index to check?
by ps2me11
Tue Jun 15, 2021 1:59 pm
Forum: Personal Consumer Issues
Topic: Buying house 1 million at 40?
Replies: 26
Views: 3799

Re: Buying house 1 million at 40?

I am thinking of buying a million dollar house in next 2 year but not sure it’s advisable to stretch that much or not. How much should be the income for a quality living with 2 kids, school colleges and expenses. Here’s our financial standing as of today. Age: 38 &38 Income: ~$300k base + bonus(25-30%) 401k: 285k + 50k. Maxing out (both) Federal: 30% - 35% depending on the year State: 6.5% 2 kids - 9 (college in 2031) and 3 ( college in 2037). In hand cash: 530k ( Another year of saving ~120k) After 20% down payment: monthly payment: 5k Driving force to stretch is good schooling district. I wish to stop around 700k ( sweet spot) but will not get any at that price. Can you please advice should I or not go for 1mm property as per my fina...
by ps2me11
Tue Jun 15, 2021 1:47 pm
Forum: Personal Consumer Issues
Topic: Buying house 1 million at 40?
Replies: 26
Views: 3799

Re: Buying house 1 million at 40?

rascott wrote: Tue Jun 15, 2021 6:12 am Is private school an option with a $700k house?

Have you even looked into that option and compared it with what the total cost will be for the $1m house (property taxes, maintenance, excess interest etc)
Thanks for your response! Private for 2 kids only high school will cost me 40K x 8 = 320K minimum.

What are your thoughts?
by ps2me11
Tue Jun 15, 2021 1:43 pm
Forum: Personal Consumer Issues
Topic: Buying house 1 million at 40?
Replies: 26
Views: 3799

Re: Buying house 1 million at 40?

Age: 38 &38 Income: ~$300k base + bonus(25-30%) How long have you had your current income and how stable it is? The reason I ask is that it looks like your net worth is only about $900K which is barely more than twice your gross income. I did not really crunch the numbers but I don't see how your numbers add up unless you just recently started making that income or you had something else going on like a lot of student debt or some other large expense in the past that you did not mention. I would also be concerned about how stable your income is. If you are getting paid well because you are in the medical field that is one thing but if you are a tech worker then I would not count on having that high income for the next 30 years if you g...
by ps2me11
Tue Jun 15, 2021 1:28 pm
Forum: Personal Consumer Issues
Topic: Buying house 1 million at 40?
Replies: 26
Views: 3799

Re: Buying house 1 million at 40?

Thanks a lot for explanation! It cleared lot of my doubtsZ OP, Your gross income = 375K to 390K per year. Your annual savings before buying the house = 120k (after-tax) + 50K (401K) = 170K Assuming that your income = 390K and your taxes = 1/3 = 130K. Your annual expense = 90K. Housing expense before buying the house = 2.5K X 12 = 30K Your annual expense without housing expense = 90K - 30K = 60K. After buying the house, Your annual expense after buying the house = 130K Your annual savings = 80K (after-tax) + 50K = 130K Your portfolio size = 285K + 50K + 530K + 120K - 200k (down payment) = 785K <<2 kids - 9 (college in 2031) and 3 ( college in 2037).>> 500K for each kid for college education. Retirement amount needed = 130K X 25 = 3.25 millio...
by ps2me11
Tue Jun 15, 2021 1:23 pm
Forum: Personal Consumer Issues
Topic: Buying house 1 million at 40?
Replies: 26
Views: 3799

Re: Buying house 1 million at 40?

Hello Boggleheads! Looking for an advice. I am thinking of buying a million dollar house in next 2 year but not sure it’s advisable to stretch that much or not. How much should be the income for a quality living with 2 kids, school colleges and expenses. Here’s our financial standing as of today. Age: 38 &38 Income: ~$300k base + bonus(25-30%) 401k: 285k + 50k. Maxing out (both) Federal: 30% - 35% depending on the year State: 6.5% 2 kids - 9 (college in 2031) and 3 ( college in 2037). In hand cash: 530k ( Another year of saving ~120k) After 20% down payment: monthly payment: 5k Driving force to stretch is good schooling district. I wish to stop around 700k ( sweet spot) but will not get any at that price. Can you please advice should I...
by ps2me11
Tue Jun 15, 2021 12:10 am
Forum: Personal Consumer Issues
Topic: Buying house 1 million at 40?
Replies: 26
Views: 3799

Re: Buying house 1 million at 40?

lazynovice wrote: Mon Jun 14, 2021 10:15 pm How long do you plan to work? I think you should have more saved for retirement before stretching for a house in that price range. Will you have pensions or is your 401(k) and Roth going to all you have to supplement social security?
Thanks for the response.
My goal is to retire 55-60. No pension.
by ps2me11
Tue Jun 15, 2021 12:05 am
Forum: Personal Consumer Issues
Topic: Buying house 1 million at 40?
Replies: 26
Views: 3799

Re: Buying house 1 million at 40?

OP, 1) What is your current annual savings? ~$120k post tax. 2) What is your current rent/mortgage payment? $2500 3) What would be your annual savings after buying the house? $80k 4) Do you plan to pay for your kids' college education? Yes 5) Do you plan to take a student loan for your kids? No 6) How much college education will cost for 2 kids? $1 million 7) If the choice is between buying this 1 million house versus paying for your kids' college education, what would you choose? Good question. Prefer house as good schooling district. 8) After buying this house, how long do you have to work in order to retire? 20 years 9) Is it likely for you to be continuously fully-employed until that age? Not sure. KlangFool Thanks for your response, p...
by ps2me11
Mon Jun 14, 2021 11:58 pm
Forum: Personal Consumer Issues
Topic: Buying house 1 million at 40?
Replies: 26
Views: 3799

Re: Buying house 1 million at 40?

Hello Boggleheads! Looking for an advice. I am thinking of buying a million dollar house in next 2 year but not sure it’s advisable to stretch that much or not. How much should be the income for a quality living with 2 kids, school colleges and expenses. Here’s our financial standing as of today. Age: 38 &38 Income: ~$300k base + bonus(25-30%) 401k: 285k + 50k. Maxing out (both) Federal: 30% - 35% depending on the year State: 6.5% 2 kids - 9 (college in 2031) and 3 ( college in 2037). In hand cash: 530k ( Another year of saving ~120k) After 20% down payment: monthly payment: 5k Driving force to stretch is good schooling district. I wish to stop around 700k ( sweet spot) but will not get any at that price. Can you please advice should I...
by ps2me11
Mon Jun 14, 2021 10:10 pm
Forum: Personal Consumer Issues
Topic: Buying house 1 million at 40?
Replies: 26
Views: 3799

Buying house 1 million at 40?

Hello Boggleheads! Looking for an advice. I am thinking of buying a million dollar house in next 2 year but not sure it’s advisable to stretch that much or not. How much should be the income for a quality living with 2 kids, school colleges and expenses. Here’s our financial standing as of today. Age: 38 &38 Income: ~$300k base + bonus(25-30%) 401k: 285k + 50k. Maxing out (both) Federal: 30% - 35% depending on the year State: 6.5% 2 kids - 9 (college in 2031) and 3 ( college in 2037). In hand cash: 530k ( Another year of saving ~120k) After 20% down payment: monthly payment: 5k Driving force to stretch is good schooling district. I wish to stop around 700k ( sweet spot) but will not get any at that price. Can you please advice should I ...
by ps2me11
Wed Jun 09, 2021 2:47 pm
Forum: Personal Investments
Topic: Portfolio review - Am I on track?
Replies: 2
Views: 668

Re: Portfolio review - Am I on track?

Thanks for the response. I am planning to keep cash for the down payment.

I don’t have HSA as an option.

Is It advisable to maintain cash + emergency fund around downpayment + 12 month of mortgage?
by ps2me11
Tue Jun 08, 2021 10:26 pm
Forum: Personal Investments
Topic: Portfolio review - Am I on track?
Replies: 2
Views: 668

Portfolio review - Am I on track?

Age: 38 &38 Income: ~$300k base + bonus(25-30%) Federal: 24% - 35% depending on the year State: 6.5% Home mortgage balance: 155k (3%) Home equity - $155K 401K Contributions 1. 401K Max of $19,500 + 100% match 2. 401k Max of $19,500 + 3% match His 401K - $285k $24K - VAIPS - vanguard inflation protected securities $129k - VINIX - Vanguard Institutional Index Fund Institutional Shares $9k - VIMAX - Vanguard Mid-Cap Index Fund Admiral Shares $30k - VSMAX - Vanguard Small-Cap Index Fund Admiral Shares $23k- VBTLX - Vanguard Total Bond Market Index Fund Admiral Shares $70K - VTIAX - Vanguard Total International Stock Index Fund Admiral Shares Her 401K - 50K $50K -FIAM Index Target Date 2045 (.07%) Taxable $100K- mix of ETF & MFs ( BGSAX,...
by ps2me11
Wed May 19, 2021 10:39 am
Forum: Personal Finance (Not Investing)
Topic: Personal finance books
Replies: 9
Views: 901

Re: Personal finance books

Sorry for being ignorant. But if you have 10-12 savings accounts, crypto, international saving accounts, trading accounts. Where do you keep this information safe. Account name/ number etc.Any software?
by ps2me11
Wed May 19, 2021 9:41 am
Forum: Personal Finance (Not Investing)
Topic: Personal finance books
Replies: 9
Views: 901

Personal finance books

Hello All, in this present pandemic scenario I am very concerned that how should I share my personal financial information with my family in case something happens to me. What are you guys using as personal financial organizers. How and where to manage you all account information, 401k and other investments? apps on cloud services/ excel files/ personal diaries. Please share some light. Thanks
by ps2me11
Sun Feb 21, 2021 11:31 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off 15 yr mortgage or not
Replies: 16
Views: 2165

Re: Pay off 15 yr mortgage or not

Thanks all for the helpful comments.

I am nowhere near to retirement. I am moving from mortgage 1 to mortgage 2 in 2.5 years. I am saving cash for my next house purchase downpayment. My concern was should I repay the loans save 3% what I am paying or park my money in some instrument.

Based on the advise from members as the time period is short: 2.5 yrs, it’s better to save 3% ( tax-free).
by ps2me11
Sun Feb 21, 2021 3:09 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off 15 yr mortgage or not
Replies: 16
Views: 2165

Re: Pay off 15 yr mortgage or not

JoeRetire wrote: Sun Feb 21, 2021 2:46 pm
ps2me11 wrote: Sat Feb 20, 2021 8:27 pmPlease advise will it be better to sell with no mortgage property over mortgage property.
It makes absolutely no difference.
Potential buyers don't care if you have a mortgage or not.

Where does the payoff money come from? Do you have a bunch of money sitting around doing nothing? Why didn't you just purchase the condo with this money in the first place?

For me, I wouldn't pay off a 3% mortgage if I was going to move soon anyway.
Thanks for your replies guys!
Yes with hefty bonus and cost cutting savings I was able to manage good amount of cash for next home purchase. As the market I am bit reluctant to enter at this point special when I have to exit at 2.5 years. So yes cash doing nothing or earning 0.5% for next 2.5 years.
by ps2me11
Sun Feb 21, 2021 2:21 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off 15 yr mortgage or not
Replies: 16
Views: 2165

Re: Pay off 15 yr mortgage or not

Thanks All. Yes I will be needing this money back in 2.5 year when I will sell this condo ro got for bigger house.
So, I have to park cash in hand which I can use it as downpayment in 2.5 years.
by ps2me11
Sat Feb 20, 2021 8:27 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off 15 yr mortgage or not
Replies: 16
Views: 2165

Pay off 15 yr mortgage or not

Hello friends, I bought a condo 2 years back thinking I will keeping this property to generate rental income in longer run. But after living in the condo i realized it will not be a good deal for me. Cost of condo approx 300k, rental income 2.5%-2.75%. My current mortgage rate is 3% 15 yrs. I will continue living here as planner for another 2.5 years and will move to bigger house. Currently I have mortgage outstanding balance of 158k and I have cash around 300k. Seeing market is at peak and I need money for house in 2.5 years. Is it better for me to payoff my mortgage and gain 3% what I am paying in interest or is it better to put in some other basket. Please advise will it be better to sell with no mortgage property over mortgage property....